Sensex, Nifty open flat; Dr Reddy’s Labs down 8 pct

New Delhi, July 27 : The market on Wednesday opened flat with companies posting dismal Q1 earnings. The Sensex traded up 28.89 points or 0.1 percent at 28005.41, and the Nifty up 10.55 points or 0.1 percent at 8601.20.

Shares such as HDFC, Maruti, Asian Paints, Tata Steel and SBI were top gainers while Dr Reddy's Labs fell eight percent.

Amongst other losers in the Sensex were Coal India, Sun Pharma, Axis Bank and Wipro. The Indian rupee slipped in the early trade. It opened lower by six paise at 67.33 per dollar versus 67.27 Tuesday. Traders are on the edge with eyes on outcome of the Federal Reserve Open Committee (FOMC) and Bank of Japan (BoJ) meet.

Analysts expect the Federal Reserve to hold off on an interest rate hike this month and possibly for months to come.

The US central bank is widely expected to stand pat on monetary policy and the markets will sift through its statements - a post-meeting press conference will not be held - for any hints of a future interest rate hike.

In the currency space, dollar was steadier against other currencies ahead of the Federal Reserve's policy announcement late.

Also, the crude oil prices were little changed as supply glut worries continue to weigh on sentiment.